Forte Biosciences Reports Oversubscribed $53 Million Private Placement to Advance FB102

November 20, 2024

DENVER, Colo., Nov 20, 2024 (247marketnews.com)- Forte Biosciences (NASDAQ: FBRX) reported that its $53 million equity financing, to support the continuing clinical advancement of FB102, was oversubscribed.

Paul Wagner, Ph.D., Chairman and CEO of Forte Biosciences, stated, “We are appreciative of the support from new and existing investors including OrbiMed, Janus Henderson Investors, Tybourne Capital Management, Alger, Ikarian Capital, LLC, BVF Partners LP, and The Red Hook Fund LP. This financing by high quality institutional investors is transformative for Forte and highlights the meaningful potential for FB102. As a result of the financing, Forte is well capitalized to continue advancing FB102 across autoimmune indications. As we have previously indicated, the healthy volunteer study has completed and a celiac disease trial is underway with a topline readout projected in the second quarter of 2025. We expect to advance FB102 into additional indications over the next 12 months. 2025 could be an exciting year of clinical milestones for FB102.”

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